Work – Estonia may have had rocket-like growth in recent years, but only from a very low base as a former Soviet republic. An average local monthly salary (4th quarter 2007) is around 800 EUR.
Since restoration of independence, Estonia has been following a "small open economy" model, achieving in 2000 4th place worldwide on the openness of its economy (Heritage Foundation). No obstacles exist to citizens of EU countries to come to invest and work in Estonia. Citizens of developed non-EU countries are exempted from short-term tourist visas. Swedes and Finns have by far the largest working community of post-Soviet foreigners in Estonia. Work in Estonia
The most influential industrial areas are: the capital Tallinn, its surrounding areas, and Northeast Estonia. Major employers are the paper, timber and textile industries. One tenth of the population receives its income from agriculture, fishing or forestry. The changing world compels people to find other ways to earn a living besides traditional cattle breeding and grain growing. Cultivating oilseed rape, growing strawberries, or keeping a farmhouse for tourists are some of the alternative occupations.
Estonia exports various products: appliances of all kinds, electronic devices and components, and motor vehicle safety equipment. Small and medium-sized businesses predominate.
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Since June 1992 the official currency in Estonia is the kroon, and its rate was at first fixed to the German mark (1 mark = 8 kroons). After the introduction of the euro the kroon is tied to the euro (at a rate of approximately 15.642 kroons). The successful monetary reform also meant swift changes in banking and in the small local financial. Estonian banking (economy and civil service too as well) is characterised by a widespread use of the IT technologies – an impressive number of people own payment cards and internet banking has advanced rapidly. The latest development, m-payments (mobile payments), is all the rage.
Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the highest per capita income levels in Central Europe. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. The current government has pursued relatively sound fiscal policies, resulting in balanced budgets and low public debt.
GDP (purchasing power parity):
$28.68 billion (2007 est.)
GDP (official exchange rate):
$15.31 billion (2007 est.)
GDP - per capita (PPP):
$21,800 (2007 est.)
GDP - composition by sector:
agriculture: 2.9%
industry: 28.9%
services: 68.2% (2007 est.)
Unemployment rate:
4.7% (2007 est.)
Inflation rate (consumer prices):
6% (2007 est.)
Investment (gross fixed):
33.3% of GDP (2007 est.)
Public debt:
3.8% of GDP (2007 est.)
Agriculture - products:
potatoes, vegetables; livestock and dairy products; fish
Industries:
engineering, electronics, wood and wood products, textile; information technology, telecommunications
Exports:
$11.31 billion f.o.b. (2007 est.)
Exports - partners:
Finland 18.4%, Sweden 12.4%, Latvia 8.9%, Russia 8.1%, US 5.5%, Germany 5.1%, Lithuania 4.8%, Gibraltar 4.7% (2006)
Imports:
$14.71 billion f.o.b. (2007 est.)
Imports - partners:
Finland 18.2%, Russia 13.1%, Germany 12.4%, Sweden 9%, Lithuania 6.4%, Latvia 5.7% (2006)
Currency:
Estonian kroon (EEK) - krooni per US dollar - 11.535 (2007), krooni per euro - approximately 15.645 kroons